New Delhi: Indraprastha Gas Ltd, India’s largest CNG retailer, on Tuesday reported a 16 per cent rise in March quarter net profit as it sold more gas.
The net profit was Rs 382.80 crore in the latest January-March quarter, compared to Rs 329.75 crore profit registered a year ago, the company said in a statement.
For the full 2023-24 fiscal, net profit soared 21 per cent to Rs 1,748.08 crore as against Rs 1,445.02 crore in the previous year. Turnover slipped marginally to Rs 3,949.17 crore in January-March from Rs 4,042.57 crore in the corresponding quarter of 2022-23.
The gross turnover during the financial year 2023-24 was Rs 15,403.13 crore as compared to Rs 15,543.67 crore in the preceding financial year 2022-23 primarily due to cooling off of international gas prices despite increase in sales volume.
“The sales volume in the quarter increased from 8.25 million standard cubic metres per day in Q4 of 2022-23 to 8.73 mmscmd in Q4 of FY24, showing a volume growth of 7 per cent. While CNG registered sales volume growth of 5 per cent during the period, piped natural gas (PNG) showed overall sales volume growth of 11 per cent during this quarter (January-March),” it said.
The average daily gas sale during the year 2023-24 was 8.43 mmscmd as compared to 8.09 mmscmd in FY’23 (April 2022 to March 2023), showing an overall growth of 4 per cent.
While CNG volumes registered a growth of 4 per cent in the fiscal, piped gas sales volumes were up by 6 per cent in FY 2023-24 over the preceding fiscal. “IGL has remained focused not only on executing strategic priorities amidst a challenging operating environment but has also been committed to deliver long term value to its stake holders,” the statement said, adding the company board recommended a final dividend of 250 per cent for shareholdres.
This dividend is in addition to 200 per cent interim dividend already paid during the financial year. After consolidating the financial results of two associate companies, CUGL and MNGL, the consolidated net profit after tax of IGL comes to Rs 1,983.40 crore in FY24 against a consolidated profit of Rs 1,639.65 crore in FY23, showing an increase of 21 per cent year on year.
IGL operates city gas distribution networks across 30 districts in 11 geographical areas across Delhi, Uttar Pradesh, Haryana and Rajasthan.